- Solana has dropped 12% in the past week as Bitcoin’s volatility triggered widespread sell-offs.
- Despite a 4.63% price dip, SOL’s 24-hour trading volume surged 104% to $13.34 billion.
- A whale moved 71,448 SOL to Binance but still holds 568,000 SOL in staking, signaling long-term confidence.
- If SOL breaks past $233.80, it could rally toward $450, driven by bullish technical patterns.
Solana (SOL) has taken a hit amid recent market volatility, triggered by a wave of sell-offs across the crypto space. Over the past week, SOL has dropped by 12%, reflecting a bearish phase as Bitcoin’s wild price swings sent shockwaves through the market, dragging altcoins down with it.
At the time of writing, Solana is trading at $118.59, with a 24-hour trading volume of $13.34 billion and a market cap of $60.79 billion. Over the past day, SOL’s price has declined by 4.63%, yet its trading volume has surged by nearly 104%, hinting at strong market activity and the potential for a short-term rebound.
Whale Movements Stir Market Sentiment
According to data from Lookonchain revealed a significant whale transaction, adding to the market’s intrigue. A large holder unstaked and deposited 71,448 SOL ($8.54 million) to Binance just 20 minutes before the report.
Despite this move, the whale still retains a massive 568,000 SOL ($68 million) staked, signaling continued confidence in the asset’s long-term prospects.
Solana’s Rally Could Extend Beyond $450l?
Despite the short-term turbulence, some market observers remain optimistic. Crypto expert Javon Marks pointed out that Solana is still riding on a Hidden Bullish Divergence, a technical pattern that could pave the way for a major price surge.
Marks suggests that SOL may be gearing up for a return to the $233.80 level, representing an 80% potential upside. However, the rally might not stop there, if SOL breaks past this key resistance, it could unlock higher targets beyond $450.
While market conditions remain uncertain, Solana’s resilient trading volume, whale activity, and bullish technical signals suggest that the current downtrend may be temporary. If Bitcoin stabilizes and investor sentiment shifts, SOL could be poised for a strong comeback.
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